The BTC is not released before the shares get sent to me (and sent to the buyers), unless friedcat goes MIA, or Goat does not receive the shares for some reason.( and is able to prove that conclusively) Friedcat's default is a risk to the buyers, much like the risk incurred when one buy BFL or another ASIC's preorder spot.
It's 12AM here, so there might be some flaws in my reasoning though.
I'm OK with a default from Friedcat. What I'm worried about is that friedcat seems quite busy these days and I don't know him well enough to know if he will be around to confirm that Goat really has 2000+ shares before April the 19th. Currently I only have Goat's word that he owns the shares. You use escrow when you think you can't afford to trust the other party. Escrow isn't any good for me if there's a situation (friedcat not answering until April the 19th) where Goat can sell me shares he never owned.
But you said :
or Goat does not receive the shares for some reason.( and is able to prove that conclusively)
This imply that if friedcat disappears before having acknowledged publicly that Goat's share are real, Goat won't be able to prove anything about his shares and I'll get my BTC back. If we agree on that then there's no problem.
In fact when biding I thought there was an existing confirmation from friedcat somewhere:
Friedcat knows about this auction and my shares have been confirmed.
If there really is one confirmation somewhere I can read then there is no problem.
I have the confirmation in e-mail. I guess the question is do you trust me enough and how long do you think it will take Friedcat. Honestly I would rather not sell the shares than to risk it sitting in escrow forever. You do not have to buy. You can walk away and no one will judge you.
Honestly I do not mind keeping the shares and if I wanted to sell them to someone else I'm sure I can find a buyer.
However I will publish my e-mails if Friedcat is hit by a bus and I will give access to John to my g-mail account so he can see them first hand. This should be pretty solid I would think.
Thanks.
Also from the OP
Friedcat knows about this auction and my shares have been confirmed. I will give him a list of who now holds the current shares and I hope he will automatically send them to you when they are listed on the exchange. If not, I will have to send them to you myself.
Okay I am posting here publicly instead of via PM because I think this might apply to everyone. The contract as it is now implies that if you never owned the shares to begin with, John should still release the shares to you. Of course I cannot agree with that.
There are two solutions of which I prefer E1:
E1) Get Friedcat to confirm you own he shares and can sell ownership here
E2) Amend the contract so it states that before John can release the coins to you E1 must have occurred. Further, if you cannot provide either the shares or E1 before 19th April, the deal is void and John is to send the coins back to me (the buyer).
I do not mind assuming the risk of ASICMINER going bust (e.g. Friedcat going AWOL), as this is the normal result of becoming a shareholder. I do object to the possibility of the proceeds for the shares being paid out without you either (i) sending the shares or (ii) proving you actually own the shares.
I hope this will not cause any issues
